Word: pension
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...administrator of the union's Northern California trust funds was charged with embezzling $2.4 million; at the same time, Fitz disclosed that he had been subpoenaed to appear in Washington, reportedly about alleged irregularities in the Teamsters' huge (nearly $2 billion) Central States, Southeast and Southwest Areas Pension Fund. Said Fitzsimmons to thunderous cheers: "I'll challenge the record of any international union, of any corporation as far as America is concerned, against [our] record...
Union leaders, including Gotbaum, dispute Horton's figures and argue that civil servants, by accepting a pay freeze last year, agreeing to work-rules changes and allowing pension funds to be used to buy city securities, have already done more than their share. Nonetheless, in the new round of bargaining now beginning, the city will be following Horton's advice at least part way by seeking $24 million in efficiency savings. Says Kummerfeld: "We are putting demands on the table that are very stiff...
...Healey bluntly put it, more severe welfare cuts than he has already planned could "bust the relationship between the unions and the government." With minimal fanfare, in order to avoid upsetting the unions, the government has already put a tighter rein on municipal welfare spending, cut a scheduled pension raise by one-third, and indefinitely postponed a new child-benefit scheme. But Healey turned aside demands from the opposition Conservatives for more sweeping cutbacks with an admonishment that "the most important thing is not to panic and lose our nerve." More accustomed than most finance ministers to the uses...
...19th century House of Assembly to declare the presence of the Speaker of Guyana's Parliament. Opening last week's regular session on the eve of the former British colony's tenth anniversary of independence, the Speaker then interrupted a droning debate about a pension scheme, with a notable announcement: after a three-year boycott, the opposition People's Progressive Party, led by dedicated Marxist Cheddi Jagan, had agreed to take its seats in Parliament. The return of the opposition did not mean that Jagan, who misruled Guyana into economic chaos during the early 1960s...
...PENSION-FUND POWER. Unlike their colleagues in unions belonging to the A.F.L.-C.I.O., which prohibits salaried officials from being paid for managing pension funds, Teamster bosses have turned these funds into another source of bounty. For managing the fund at Local 182 in Utica, N.Y., for example, Teamster Boss Rocco dePerno drew nearly $20,000 in 1974, over and above his regular salary of $46,000 and the $30,890 he got as a general organizer. Even non-Teamsters share the pension riches. In 1974 the administrator of the Ohio Drivers' Welfare Fund, Dayton Attorney Robert Knee...